Reinsurance News
Allstate announces Q2 cat losses of $906 million, pre-tax
20th July 2018
Primary insurance giant The Allstate Corporation (Allstate) has announced estimated catastrophe losses of $417 million, pre-tax ($329 million after-tax), for the month of June, which takes the company's second-quarter 2018 catastrophe losses to $906 million, pre-tax ($716 million after-tax). Catastrophe losses in June included 16 events at an estimated cost of ... Read the full article
Brit announces two senior appointments to Sussex Capital
20th July 2018
Brit Global Specialty has announced the appointments of Richard Slater as Underwriting Director and Adam Champion as Senior Vice President, Portfolio Manager and Operations of its Bermuda-based collateralised reinsurance platform, Sussex Capital. Slater joins from XL Catlin where he served as Head of International Property Reinsurance and Global Property Retro. Prior ... Read the full article
CoreLogic partners with Esri to expand geospatial content offering
20th July 2018
CoreLogic, a global property information, analytics and solutions provider, has partnered with spatial analytics company Esri to expand the availability of its geospatial content using Esri’s online ArcGIS Marketplace. The online marketplace will allow users to more easily integrate CoreLogic’s content into their workflow, by providing access to more than 200 ... Read the full article
Analysis shows U.S. tax reform has prompted shift in reinsurance utilisation
19th July 2018
Recent U.S. tax reforms have prompted many of the country’s insurers to significantly reduce the portion of premiums ceded to their non-U.S. affiliates, according to Analysis by ISO, a Verisk business, and the Property Casualty Insurers Association of America. Concerns about possible tax implications under the new law was said to ... Read the full article
EPUL hires Christopher Box as senior commercial property underwriter
19th July 2018
London-based commercial property MGA European Property Underwriting Limited (EPUL), part of Global Risk Partners Limited (GRP), has appointed Christopher Box to the role of Senior Underwriter for UK ad European Property Owner Risks. Box brings over a decade of underwriting experience to his new position, having most recently served as a ... Read the full article
THB promotes Ricardo Borges to head of European Division
19th July 2018
THB, a specialist insurance and reinsurance broker, has appointed Ricardo Borges as Managing Director of its Amsterdam-based European Division. He will succeed former co-Managing Directors Paul Lindeboom and Joaquim Caria. Lindeboom is set to retire from his post on 31 July, while Caria will step down as Executive Director but continue ... Read the full article
Aspen Re’s Donna McDermott appointed Head of IAT Reinsurance
19th July 2018
IAT Insurance Group has announced Donna McDermott as the successor to outgoing Senior Vice President Jim Miller, who plans to retire on March 1 2019, as head of IAT Reinsurance (IAT Re). McDermott, who joins IAT on July 30 2018, brings over 30 years’ experience and joins from Aspen Re America ... Read the full article
Higher than expected cat losses drives lower Q2 net income for Travelers
19th July 2018
The Travelers Companies, Inc. (Travelers) has reported its second-quarter 2018 results, posting a decline in both net income and core income as a result of increased catastrophe losses that came in roughly $50 million higher than anticipated, at $488 million. Catastrophe losses for the second-quarter of 2018 were $85 million higher ... Read the full article
AXIS promotes Randell to Head of Insurance & Chief Agent, Canada
19th July 2018
AXIS Insurance, a division of Bermuda domiciled insurer and reinsurer AXIS Capital Holdings Limited, has named Brad Randell to Head of Canada Insurance, and Chief Agent, Canada, reporting directly to John Van Decker, President, North American Professional Lines, AXIS Insurance. Randell's promotion sees him take responsibility for the oversight of AXIS' insurance operations ... Read the full article
Growth of sharing economy requires new insurance solutions: Lloyd’s
19th July 2018
As people increasingly rely on sharing economy platforms to buy services or rent possessions from their peers, significant opportunities are emerging for insurers and reinsurers to adapt traditional coverages to fit the unique needs of this sector, according to a new study by Lloyd’s and Deloitte. Looking at the populations of ... Read the full article
LCCG to acquire Generali Worldwide & Generali Link
19th July 2018
Italian insurance giant Generali has entered into an agreement to sell its entire shareholding in Generali Worldwide Insurance Company Limited and Generali Link, to Life Company Consolidation Group (LCCG). The transactions are part of Generali Group's strategy to improve its operational efficiency, alongside improved capital allocation and to optimise its geographical ... Read the full article
Prestige secures multi-million pound investment from Capital Z
19th July 2018
Prestige Insurance Holdings, the parent company of Northern Ireland’s largest privately owned broker, Abbey Insurance, has secured a multi-million pound investment by global equity firm Capital Z Partners Management. The deal, for an undisclosed sum, will see Capital Z acquire the shares of a number of retiring shareholders of Prestige. Prestige’s Founder ... Read the full article
Willis extends CEO John Haley’s contract to 2021
19th July 2018
Global re/insurance broker Willis Towers Watson has extended the contract of its long-serving Chief Executive Officer (CEO), John Haley, until January 1, 2021. “We are pleased to retain John Haley’s leadership as CEO of Willis Towers Watson,” said James McCann, chairman of the Board, Willis Towers Watson. “Over the last several years, ... Read the full article
Beazley announces Global Lawyers Consortium for large UK firms
19th July 2018
Beazley, the specialist insurer, has announced the launch of a new consortium that will provide professional indemnity insurance to large law firms based in the UK. Led by Beazley, the Global Lawyers Consortium will offer up to £10 million of primary capacity. Brenna Westinghouse, Focus Group Leader for Large Law Firms at ... Read the full article
Markel secures license for German insurer
19th July 2018
In light of the UK's vote to leave the European Union (EU), Markel Corporation has been granted a license to establish an insurance company in Germany by BaFin, the country's federal financial supervisory authority. With uncertainty remaining about exactly what Brexit means for many financial services, the license enables Markel Insurance ... Read the full article
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